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difference between bank and credit Union? (kbin.social)

submitted 8 months ago by milkytoast@kbin.social to c/AskKbin@kbin.social

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what I've found is just that bank is for profit, union isn't, and union can give better interest

thanks :)

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[–] milkytoast@kbin.social 1 points 8 months ago (1 children)

i think i understand interest. u spend 1k in the month, only pay back 500, now they add a percentage each month that you have to pay back on top of the 500 u owe yes?

[–] wolfshadowheart@slrpnk.net 1 points 8 months ago

Basically, yes. Some companies also have "leeway months", so to continue your example say you don't pay it off entirely for the first 3 months, but just a portion. My credit card has (1) year to the date of purchase before interest accrues, so as long as it's paid off within the year I can take as long as I like to pay it off.

Still, always pay off in full when you can.